On Tripio, a blockchain-based hotel booking platform, Binance Coin (BNB) users are now able to book 450,000 hotels and residential accommodations using the BNB crypto token.
On December 4, Tripio officially announced a strategic partnership with Binance to enable more than 10 million active users in the Binance ecosystem to utilize BNB as one of the main currencies on the Tripio platform to process bookings.oh, can't wait to try this. I might just check out of my hotel now and #useBNB to rebook. Many thanks for supporting $BNB! https://t.co/wM5OfoY5oY — CZ Binance (@cz_binance) December 4, 2018 Importance of Merchant Adoption
Throughout the past two years, many large-scale conglomerates like Expedia, Microsoft, and Steam have announced cryptocurrency integrations. In July, a major Japanese point of sale (PoS) service provider was set to integrate Bitcoin for its hundreds of thousands of retailers.
Several weaknesses of cryptocurrencies as an asset class led leading merchants to temporarily give up on adopting digital assets as a payment method, and all of the abovementioned initiatives came to a halt.
Long verification periods, high volatility, and lack of liquidity were the three major factors which created a difficult ecosystem for merchants in the past, which have been solved through the implementation of scalability solutions, emergence of fiat on-ramps, and stablecoins.
In May, PayPal CFO John Rainey said:“Because of the volatility of the cryptocurrencies, the merchants saw swings in crypto that threatened the viability of their businesses. If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction.”
Merchants have been actively exploring alternatives to PayPal and legacy systems for many years because of their high fees. On PayPal, conversion and b...